ServiceNow Certified Implementation Specialist - Third-party Risk Management

QUESTION NO: 1
Effective management of the Third-party Risk Assessment Lifecycle requires:
(Choose two)
Response:

A. Engagement with third parties for feedback on the assessment process. B. Regular updates to risk assessment criteria based on changing risk landscapes. C. Dependence on third-party self-assessment without verification. D. Isolation of the risk assessment team from other business units to prevent bias.

Correct Answer: C,D

QUESTION NO: 2
Third-party Risk Task Configuration involves:
Response:

A. Assigning all risk-related tasks to third-party vendors B. Specifying actions to be taken for risk assessment, monitoring, and mitigation C. Setting up tasks for daily operational activities only D. Defining tasks that are unrelated to third-party risk management

Correct Answer: C

QUESTION NO: 3
What critical factor should be considered when assigning tiers in Third-party Tiering Configuration?
Response:

A. The strategic importance to the business B. The location of the third party C. The duration of the contract D. The financial stability of the third party

Correct Answer: B

QUESTION NO: 4
In ServiceNow, what is the purpose of the "Control Objective" within the GRC module?
Response:

A. To limit user access to confidential documents B. To control the objectives of the organization,s annual retreat C. To specify the intended outcome of implementing a control D. To define the aesthetic objectives for the user interface

Correct Answer: B

QUESTION NO: 5
How can workflow automation impact the approval process in third-party risk management?
Response:

A. It complicates the approval process by adding unnecessary steps B. It increases the risk of unauthorized approvals C. It eliminates the need for manual approval entirely D. It ensures consistency and reduces the time needed for approvals

Correct Answer: D

QUESTION NO: 6
What is the advantage of using a multi-tiered approach in Third-party Tiering Configuration?
Response:

A. It standardizes the risk management process across all tiers B. It reduces the need for regular assessments C. It simplifies contract management D. It allows for differentiated risk management strategies

Correct Answer: D

QUESTION NO: 7
In the context of Contact Configuration, what is the impact of poorly defined roles?
Response:

A. Increased efficiency in communication and problem resolution B. Enhanced security and data protection for both parties C. Decreased clarity and potential delays in addressing issues D. Improved scalability and flexibility in managing contacts

Correct Answer: A

QUESTION NO: 8
The primary purpose of Third-party Contacts Configuration is to:
Response:

A. Ensure seamless payment processes to third parties B. Facilitate effective communication and escalation paths for risk management C. Monitor the performance metrics of third-party contacts D. Catalog third-party contacts based on geographical location

Correct Answer: A

ServiceNow Certified Implementation Specialist - Third-party Risk Management - CIS-TPRM Exam Questions